Vertex Pharmaceuticals Receives a Hold from H.C. Wainwright

By Carrie Williams

In a report released today, Andrew Fein from H.C. Wainwright maintained a Hold rating on Vertex Pharmaceuticals (NASDAQ: VRTX), with a price target of $103. The company’s shares closed yesterday at $152.01.

Fein noted:

“Halts Triple Combination Trials in France as a Protest in Pricing Negotiations What’s new? We have recently learned via a twitter comment and associated article (http://bit.ly/2Bp7vL7) that Vertex has decided to discontinue the Phase 3 trials of its triple combination therapy for cystic fibrosis (CF) in France. During the Vertex 4Q earnings call, management identified the two second-generation correctors that would be added to the combination of tezacaftor/ivacaftor to formulate the triple combination. It appears that these trials will continue in the US and other parts of Europe but will now be excluding France due to an inability to reach reimbursement agreement with the French authorities for Orkambi. As mentioned in the article, this is a disappointment to the French CF patients that have been consistent participants in numerous trials to date and were eagerly awaiting more rapid access to what could be the most effective modulator treatment yet for CF.”

According to TipRanks.com, Fein is a 4-star analyst with an average return of 7.7% and a 50.6% success rate. Fein covers the Healthcare sector, focusing on stocks such as Neptune Technologies & Bioresources Inc, DBV Technologies SA – American, and Proteostasis Therapeutics Inc.

Vertex Pharmaceuticals has an analyst consensus of Strong Buy, with a price target consensus of $191.19.

The company has a one-year high of $174.96 and a one-year low of $84.39. Currently, Vertex Pharmaceuticals has an average volume of 1.69M.

Based on the recent corporate insider activity of 123 insiders, corporate insider sentiment is negative on the stock.

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Vertex Pharmaceuticals, Inc. engages in the business of discovering, developing, manufacturing and commercializing small molecule drugs for patients with serious diseases. It focuses on development and commercializing therapies for the treatment of cystic fibrosis; infectious diseases, including viral infections, such as influenza, and bacterial infections; autoimmune diseases, such as rheumatoid arthritis; cancer, inflammatory bowel disease; and neurological disorders, including pain, Huntington’s disease and multiple sclerosis. The company was founded by Joshua S. Boger in 1989 and is headquartered in Boston, MA.